If the Supply of Labor to a Monopsonist Is Everywhere

question 64

Multiple Choice

If the supply of labor to a monopsonist is everywhere unit elastic,and the marginal expenditure equals $1,then the wage will equal

• A) $0.50.
• B) $0.75.
• C) $1.00.
• D) $2.00.

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Definitions:

Power Distance

A cultural dimension that describes the extent to which individuals in a society accept that power is distributed unequally.

High-Power-Distance Cultures

Cultures in which there is a great deal of acceptance and expectation of unequal power distribution among people, institutions, and organizations.

Rank

The position or level of importance within a hierarchy or organization.

Market-Entry Strategies

The planned methods of delivering goods or services to a new target market and establishing a presence in that market.